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Banking industry

Pacific Bank Completes Acquisition of Sterling West Bancorp

Strategic Insights

— 1 min read

Pacific Bank, N.A. has finalized the acquisition of Sterling West Bancorp, the holding company of Sterling Bank in Los Angeles, California. The transaction, valued at $12.3 million, or $7.11 per share, was completed in cash, expanding Pacific Bank's presence in California and boosting its assets to approximately $681.5 million. The acquisition strengthens Pacific Bank's position in the region, allowing it to offer a more diversified array of products and services to businesses and individuals.

Key Takeaways:

  • Pacific Bank acquired Sterling West Bancorp, the holding company of Sterling Bank in Los Angeles, California, for $12.3 million.
  • The acquisition expands Pacific Bank's presence in California and boosts its assets to approximately $681.5 million.
  • The Pacific Bank will retain most of the staff of Sterling Bank, with David Wong overseeing the activities of the additional offices.
  • As of June 30, 1998, Sterling Bank had $107.0 million in assets, $99.4 million in deposits, $59.2 million in loans outstanding, and no non-performing loans.
  • Pacific Bank has approximately $586.5 million in assets, $488.0 million in deposits, and $418.7 million in loans outstanding as of June 30, 1998.
  • The acquisition will allow Pacific Bank to offer businesses and individuals in Southern California a more diversified array of products and services.
  • Pacific Bank will expand its expertise in cash management, trust services, wealth management, and real estate lending.
  • Joseph Carona, former president of Sterling Bank, has joined Pacific Bank as senior vice president, Los Angeles region.

Statistics:

  • $12.3 million: Value of the acquisition of Sterling West Bancorp
  • $7.11: Price per share of the acquisition
  • $681.5 million: Pacific Bank's assets after the acquisition
  • $107.0 million: Assets of Sterling Bank as of June 30, 1998
  • $99.4 million: Deposits of Sterling Bank as of June 30, 1998
  • $59.2 million: Loans outstanding of Sterling Bank as of June 30, 1998
  • $586.5 million: Pacific Bank's assets as of June 30, 1998
  • $488.0 million: Deposits of Pacific Bank as of June 30, 1998
  • $418.7 million: Loans outstanding of Pacific Bank as of June 30, 1998

Sources:

  • The Pacific Bank, N.A.
  • Business Wire
  • NASDAQ:PBSF

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